Asked by Mateo Hoyos on Jun 16, 2024

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Tyson is single and cannot be claimed by anyone as a dependent.He is a full-time law student at a local university.His tuition bill was $8,000.He paid the bill by withdrawing $2,000 from his savings account and borrowing the remainder from a local bank.For purposes of the education tax credits,what is the amount of Tyson's qualifying expenses?

Education Tax Credits

Tax credits that taxpayers can claim for eligible educational expenses, aimed at reducing the amount of tax owed to the government.

Full-time Law Student

An individual who is enrolled in a law school program on a full-time basis, typically leading to a juris doctor degree.

Qualifying Expenses

Specific expenditures that meet the criteria set by tax laws or other regulations, often eligible for tax deductions or credits.

  • Determine qualifying expenses for education tax credits and understand different education credits available.
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Tammi AdamsJun 18, 2024
Final Answer :
His qualifying expenses are $8,000.The fact that he borrowed some of the tuition payment does not disqualify the amount.